ABSTRACT
Procurement involves the taking of space. It is the process by which real estate (owned or leased) is acquired. The procurement process should ensure that the space is appropriate, by which we mean it is of the required quality and quantity, and that it is procured at the best possible cost. One of the most important strategic options for an organisation is the selection of appropriate procurement options for the organisation's real estate portfolio. However, the drivers of change identified in Chapter 2, ‘Position’, are making it more difficult to coordinate real estate ownership options with the volatility of demand and utilisation created by contemporary management practices, market volatility, globalisation and economic uncertainty.
